These markets truly are running on the edge of a knife. They're still very oversold by many indicators I follow yet they're acting like they want to go down from right above MAJOR support. It really is a quandary. What it may actually be is a recipe for two very different outcomes...a melt up rally or a crash.

A break below 740 and the downside rout could begin. However, a bit of news, perhaps relating to relaxing mark to market accounting rules, and the melt up would start faster than my new friend Caleb can woof down a grilled cheese sandwich at the famous Foley Coffee Shop. That's pretty fast!

So that's where we are tonight. It's really that simple. Markets oversold...should rally...may crash instead! There's not many nights I get to write that and mean it. So keep your stops tight and your seat belts fastened. It could be a rough ride ahead.....at least for those on the wrong side of whichever way it breaks.